The Baltic Exchange hosted maritime professionals and industry leaders at its annual Tanker and Gas Market Insights Forum 2025 on 24 February at the May Fair Hotel in London as part of International Energy Week. The event featured key updates on market trends, regulatory changes, and benchmark developments.

See the photos here, and rewatch the Forum here.

The event commenced with a networking lunch, providing attendees with the opportunity to connect before the official proceedings began. Janet Sykes, Chief Commercial Officer at Baltic Exchange, opened the forum with an update on the Baltic Exchange and its key initiatives, including discussions on the new Baltic Chemical and Agri-Oil Assessments (BCAA), Know Your Customer (KYC), Due Diligence, dispute resolution, debt collection, and escrow services.

Josh Smithson, Chair of the FFABA (Tanker), followed with an update on the growth of the Tanker Forward Freight Agreement (FFA) market, addressing the discussion around inclusive versus exclusive uptake in the market.  

Matthew Cox, Head of Benchmark Production at the Baltic Exchange, delivered an insightful session on the history of the Baltic Exchange over the last 40 years. He also covered key Baltic Index updates. Cox emphasised the importance of keeping indices and forward curves relevant, exploring potential new indices and those that may be discontinued.  

After a coffee break, the second half of the forum focused on carbon emissions and regulatory challenges. Martin Crawford-Brunt, Emissions Lead at the Baltic Exchange, moderated the Carbon Panel, which examined the implications of the EU Emissions Trading System (ETS) and the ongoing impact of Red Sea deviations on freight.

Panellists included Philip Roche, Partner at Norton Rose Fulbright LLP; Steve Laybourn, Chartering Manager at Ardmore Shipping; and Edwin Pang, Founder and Director at Arcsilea. Discussions centred around the increasing complexity of regulations, the cost implications of FuelEU Maritime and EU ETS, and the challenges of compliance. Laybourn noted that while ETS trading had been relatively smooth, FuelEU presents greater complexity due to factors such as biofuel availability and regional trading disparities. Pang highlighted the necessity of a global fuel certification scheme, while Roche addressed concerns over compliance strategies and the reluctance of some market players to commit to long-term agreements under FuelEU.

The session was concluded with an audience Q&A, where an audience member asked whether new regulations are influencing shipowners to invest in more compliant, fuel-efficient vessels or simply passing costs down the supply chain. Panellists agreed that while some shipowners are making incremental efficiency improvements, the high cost of alternative fuels remains a major barrier to widespread adoption.

The discussion highlighted the industry's ongoing learning curve when it comes to FuelEU Maritime, as it navigates evolving environmental regulations to ensure vessels can continue trading effectively. The Baltic Exchange's latest forum was another opportunity to bring together members of the tanker and gas industry, including members of the FFABA, as we collaborate and lead the discussion on an evolving and complex global environment.